3 Tips to put you Back in Control of the Future and your Business

You’re probably reading a lot about employees and how they are “quiet quitting.” My concern is that this is not just happening in the ranks of your employees but also among the owners of small businesses.?

I’ve spoken to a few business owners in the home services trade (i.e. plumber, handymen, electricians, pest control, etc.) and they are starting to wonder is it all worth it? With the dread of a potential recession on the horizon, continuing supply chain issues and rising prices, working long hours yourself to compensate for employment challenges - owners are approaching burnout, they feel enslaved by their business and are starting to think “what’s my out?”

If the challenges don’t resolve themselves (and they rarely do) what can I do as the business owner to feel better about my company? More in control.

There are a number of remedies that I work on with owners to address these very issues so they begin to envision a life of freedom and are more energized than they have been in a long time (pre-COVID). The foundation of my work is to create a business that has transferable value. Building a business that has transferable value means building a business you can sell, which means it can thrive without you at the helm, which means you have freedom from the oppression you may be feeling.?

Here are 3 tips to put you back in control and offer you a “way out” - each includes a book that goes into detail for implementation.?

1.) Productization of your service. When you position your service offering as a product, you standardize what you sell and are able to move away from trading time for money. A standardized product lets you deliver a consistent experience at a set price. The opposite of productization/standardization is customization. If each service you offer needs a customized proposal and quote you are creating more work for yourself and your team, plus you need to ensure you have the staff to deliver each custom solution/service to each customer. Standardization and productization allow you to define a set process and train people to deliver that process. Productization allows you to ensure a defined set of deliverables and an expectation of delivery - your team knows exactly what to deliver, the process/steps to deliver it, and how long it will take; customers know exactly what they are getting and by when.

For more information about productization, I actually have a book that outlines, How to Productize Your Service in 8 Simple Steps. You can get a copy, for free, right here [https://www.crossingthegoalpartners.com/how-to-productize-your-service]

2.) Recurring revenue model. Determine how you might create a recurring revenue stream for your products. Is there a support model you can implement with the sale of your productized service? Implementing a recurring revenue model helps to support a positive cash flow and reduces the need for finding new customers each month. Just think if all your existing customers are paying you a monthly recurring fee of $99 on the first of the month. You start each month with a deposit in your bank account. It tasks a bit of stress off your shoulders knowing you have incoming revenue without having to make another sale/find another customer. Plus customers already doing business with you are much more likely to continue buying other products from you, your need for marketing is reduced - these people already know, like, and trust you.

Learn more about creating a recurring revenue model in this short video [https://www.crossingthegoalpartners.com/the-hierarchy-of-recurring-revenue].

BTW: My friend John Warrillow, best-selling author and founder of the Value Builder System,? just recently hosted a webinar, “Turning Customers into Subscribers” - if you’d like a copy of the recording, contact me and I can get you that link.

3.) Number three on my list is to escape the trap of being your own Rainmaker. The Rainmaker’s Dilemma is something owners find themselves trapped in because they are the only folks in the company capable of successfully selling and servicing clients. I also call this the “Owner’s Trap” when the owner finds themselves at the center of all decisions and activities in their business they are often trapped by being the one employees go to for answers, customers go to for service or help, suppliers turn to when there is an issue, etc. By its very definition, you can see how this might snowball into that feeling of being enslaved by your business that I mentioned earlier.

No wonder you’re feeling the onset of burnout approaching. Maybe this is why you yourself are quiet quitting your own business.

Learn more about the Rainmaker’s Dilemma in this free book [https://www.crossingthegoalpartners.com/newpage2d0b96e9].

In conclusion, the key to resolving these issues that pain you - the “way out” is to build a business that has value to someone else - a business that has transferable value. If you can do that your ultimate way out might be the sale of your business so you can begin your next adventure.

If any of these feelings of despair resonate with you and you’re open to having a short conversation over coffee or a cocktail, let me know. My mission is value creation - I do that by helping business owners in my community have a better life as a business owner.

Stay safe, be well, do good, and finish strong.